顺利跨越双百亿，利润弹性持续兑现

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 300 CNY per share over the next six months, corresponding to a valuation of 26 times earnings for 2024 [2][3]. Core Insights - The company successfully achieved a revenue of 20.25 billion CNY in 2023, reflecting a year-on-year growth of 21.2%, and a net profit of 4.59 billion CNY, which is a 46.0% increase compared to the previous year [1]. - For Q1 2024, the company reported a revenue of 8.29 billion CNY, up 25.9% year-on-year, and a net profit of 2.07 billion CNY, representing a 31.6% increase [1]. - The company aims to achieve a revenue target of 24.45 billion CNY in 2024, which would be a 20.72% increase, and a total profit of 7.95 billion CNY, reflecting a 25.55% growth [2]. Revenue and Profit Structure - In 2023, the revenue breakdown by product shows that the year-on-year raw liquor series generated 15.42 billion CNY, an increase of 27.34%, while the Gujing Gongjiu and Huanghelou brands contributed 2.02 billion CNY and 2.21 billion CNY, with growth rates of 7.56% and 0.87% respectively [1]. - The company’s gross margin improved to 23.3% in 2023 and 25.7% in Q1 2024, an increase of 1.9 and 0.7 percentage points year-on-year respectively [1]. Regional Performance - The company experienced significant growth in various regions, with North China showing a revenue increase of 39.01%, South China at 19.17%, and Central China at 26.87% in 2023 [1]. - The company is focusing on a "nationalization and next-high-end" strategy to enhance its market presence outside its home province, with expectations for breakthroughs in provincial markets [1]. Financial Projections - The projected net profits for 2024-2026 are estimated at 5.998 billion CNY, 7.480 billion CNY, and 9.127 billion CNY, with year-on-year growth rates of 30.7%, 24.7%, and 22.0% respectively [2]. - The report anticipates continued improvements in profit margins due to scale effects and enhanced cost efficiency, with expectations for net profit margins to increase by 1-2 percentage points in 2024 [2].